The main reasons why people fall into debt
The main reasons why people fall into debt
People can get into debt for numerous reasons. Some might simply go overboard on overspending, whilst others might encounter unexpected circumstances. Some of the main causes of debt are featured below:
Living beyond ones means: An individual who cannot afford to purchase something without the assistance of credit shouldn't really be thinking of buying whatever it is to begin with, however in the 'I want it now' culture that we are currently living in, people might be easily encouraged to overspend, by getting something new as soon as it comes out, whether it is a new gadget, fashion fad or car that has just hit the market. Whether it's one big, expensive item (e.g. a brand new motor) or a lot of less expensive ones (e.g. new gadgets), it all adds up.
Redundancy: A number of people have been affected by redundancies as a result of the recession, either directly (themselves) or indirectly (a relative). Sadly, some individuals who have been made redundant might've been depending on credit in addition to their wages to make purchases. It's even worse in situations where a family company is affected, or when many members of the same family are employed by the same company and are all affected. If not affected by redundancy, others have seen cuts in their working hours - and their wages - and bonuses reduced.
A growing family: The pitter-patter of tiny feet can also lead to the cha-ching of not-that-tiny expenses, even for a planned preganancy. Paternity/maternity leave will also affect income - in the form of a decrease in wages - when taken out. Also, if financial planning has not been properly thought out before the arrival of the baby, the parents-to-be may find themselves having to buy more than they has previously planned, which can result in the need to take credit, as products for toddlers are very costly.
Divorce and separation: If divorce was not costly enough as it is, with the costly costly legal and lawyer fees involved, it is possible for a person's debts can be split between both parties, just in the same way that assets are split. Whatever the case, if one of the couple involved continues to live in the same property as before, they may find it a lot harder on their wages to keep up with expenses and payments that the two of them might've paid between them previously.
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